You don’t live on love alone, so learn to manage finances as a couple and avoid problems in your marriage.
My grandmother often says that when lack of money comes through the door, love comes out the window. I don’t know if the saying seems superficial, but I know that it has a lot of truth. This is because when you decide to live as a couple, you cannot only focus on the emotional plane, leaving aside the financial part, because many times that will bring problems to the marriage. Not because it is based on material things, but because having stability in this aspect gives peace of mind to your day to day.
For this reason, it is necessary that before taking that important step, you speak clearly with your partner and determine the way in which the finances will be handled in the new family. It is especially important if both of you work, because the money that used to be for only one, suddenly you must share it.
It is essential that before dividing the expenses, they make a family budget together that includes the fixed expenses per month, such as housing, food, household services, gasoline or transportation and add extra expenses, but that are still important such as entertainment , savings and an emergency fund. Once you know how much income and expenses are, opt for one of the shared finance models that I present below:
All in halves
It applies especially to couples with similar incomes, since the contributions will be equitable. The idea is that everyone pays half of the expenses; that is, 50% of the rent or mortgage and half of the expenses for services (water, electricity, gas, Internet), food, clothing and entertainment. Similarly, the same amount is provided for savings and for the emergency fund.
If they have different salaries, they can establish the percentage that both will give for the expenses of the house, either 40%, 50%, 60% or the amount with which they reach to cover all the expenses. Thus, both will be contributing the same amount but in proportion to their salaries, so they will have a certain amount to spare for their personal expenses.
All for everyone
For many, this variant represents true teamwork and has the great advantage that it strengthens trust and bonds as a couple. The idea is to contribute the full salary to the same account and from that common fund, distribute the money for all expenses. Of course, it is important that when someone wants to buy something that is out of budget, they speak clearly to reach an agreement.
What’s yours is yours and what’s mine is mine
A scheme that I have seen applied in some couples is that each one takes care of their expenses. That is, the rent or mortgage payment is divided in half, since both live there and the rest is done according to consumption. Everyone pays for their food or pantry, their services, clothes, entertainment and saves what they decide. Although it is a practical approach, the truth is that it makes the idea of a couple budget meaningless, however, for some it may work.
In this variant, the two decide which expenses each will cover. For example, if someone pays for the house, the other party pays for food or services. In terms of entertainment, everyone pays for what they want to do: if you want to go to a play, you pay the ticket for both. If your husband wants to go to a concert, he will be the one to invite you. The choice of the expenses that each person will cover can be made depending on the income of each one.
Remember that each couple works differently in all aspects, and the financial one is no exception. So what works for your friends or neighbors may not be the best for your marriage. Of course, do not forget to discuss the financial issue openly, as this will save you as a couple many problems in the future.